Shanshan Group's reorganization plan rejected by creditors

Ningbo Shanshan Co., Ltd. announced that the "Restructuring Plan (Draft)" for its controlling shareholder, Shanshan Group Co., Ltd., and its wholly-owned subsidiary, Ningbo Pengze Trading Co., Ltd., was not approved. The online meeting concluded its voting period on October 30, 2025.

While employee and tax creditor groups approved the plan, the secured creditor, ordinary creditor, and equity holder groups did not, leading to the plan's failure. Administrators will continue reorganization efforts according to regulations.

Ningbo Shanshan stated its production and operations remain normal and independent. However, uncertainty regarding the success of Shanshan Group and Pengze Trading's reorganization could lead to adjustments in the company's shareholder equity and potential changes in control. The company will continue to monitor developments and fulfill disclosure obligations.